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tv   After the Bell  FOX Business  December 18, 2013 4:00pm-5:01pm EST

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liz: and there it goes, the bells ran ring on wall street, volatility falls, the market jumps on the very thing some believe would frighten the market. david: isn't it amazing? you're going to have an announcement, not to send the fear of god into the market. an even bigger taper announced for next month. it may settle above 300 on the dow. all the indices well over 1%, the dow very close to a 2% gain today, and it is across the board as we mentioned. a huge day for the market, huge historical bay for the federal reserve has makes some announcements was has some cheering and some crying foul. we will get through it all on
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"after the bell," which starts right now. liz: all it took was a mere 10 billion off of the bond purchases, peter barnes in the room with federal reserve chairman ben bernanke. what was that atmosphere like especially now uttered in real time. peter: as nicole said, it was an exciting day. we have been anticipating this day, some sooner than later, the fed will start to taper in january cutting the bond purchases by $10 million per month. fed chairman ben bernanke saying assuming everything goes forward as the fed forecast and the economy keeps improving, the fed will likely continue this on a monthly basis and a measured pace and wrap up quantitative
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easing purchases by later next year. however the fed chairman said once again that tapering is not tightened. tighten. here's what he said. >> attempt to maintain and monetary policy, nothing we did today was intended to reduce accommodation. with that want to be buying assets at a high rate and increasing our balance sheet at holding onto those assets. we maintain the 6.5%. peter: so, the fed taketh and give it. it was that policy statement on the federal funds rate that the statement fomc plans to keep them down and low, well past the time it dips below. take it away, given the market
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and investors assurance is the fed is going to keep short-term interest rates low for a long, long time. david: essentially moving the goalposts. i guess 26.7%, it will rise interest rates. now well past that time, you wonder how many times they can move the goalposts, peter. >> they can do whatever they want, david, they are the fed. liz: peter, thank you very much. we have breaking news right now in the michael steinberg insider trading case. portfolio manager over at sac capital. a jury has convicted him on the count of fraud and insider trading. attempting to faint in the
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courtroom. and then of course they moved the jury out of the room, paramedics came in, senior sac capital manager was convicted in the insider trading case. he has been found guilty and trading of illegal tech stock tips. this is the first conviction, the first trial conviction, lot have pleaded guilty already, the first trial conviction and it could impact the fund manager. david: while sac capital has been indicted, this man, steve cohen, hast not as of yet. some people are wondering if there will be a criminal and indictment. there is an indictment generally against the company, not against the man who is leading the company, which some seem as strange. the market settle below the $300 level.
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we have todd in the house here in new york away from chicago. chief strategist and average joe.com author and founder who says the taper is laughable. and joining us from the pits of the cme. talk about the generations, the market gyrations, it really looks like the market of ten-year interest market, the futures market, they didn't have a clue as to what was coming. >> in my notes to you earlier in the day i said if the fed did in fact taper, the market would tell off and came back. i expected the time to be more than 60 seconds. we dropped 12, jumped 14 and another 18 after that. david: we do have some earnings reports, things are breaking fast and furious, i guarantee we're coming right back to you. oracle earnings are out, jo ling kent has the numbers. >> numbers on oracle posting a beet, expecting 67, came in at
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$0.69 per share. revenue is mated to be 9.19 in dollars, coming in at $9.3 billion. the oracle president and cfo saying they are very pleased with their results as the cloud software subscription revenue from 1%. so that is the latest numbers we have from oracle. liz: again, we are looking at software licenses, cloud software subscriptions, those revenues down 1%. the market seems to have like this number. talking about reaction, let's get to everything from treasury yield which moved significantly higher comment moderated a bit along with the u.s. dollar, a lot of people thought this would be very dollar positive. that didn't play out, why do you think that is? >> i think it is too early to tell how that will play out.
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with the tapering going on the matter what anybody thinks if the taper continues, it will lead to texting. they intend not to do anything until employment goes 6.5%. once they do decide and the market will tell us the rates will go up, you will see the impact on the dollar. that is going to pan out a little further. as far as the s&p and the market, i was talking to a guy if we had another 5% move on the s&p, it brings us up to 1900. given what is going on, it is quite doable. i like the market overall, todd will tell you that. i will buy the pullback because this is solid, the economy is on the mend, the fed believes that, i believe it. david: so why in the name of everything he is talking about do you call this taper laughable? >> because they did nothing here. we will take up 12%, and we will do 12 billion next month. however leave the rate at zero
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and try to keep it. they are saying have the right to back out anytime we want and we can go back to what we're doing and what have we done here? we're having trouble getting jobs, coal with the middle-class population, so what are they doing for everybody? getting a market relief rally that came in, faces the taper. we have been talking for weeks on this show the bond market was insisting they would be some taper because they kept on taking rates up. you have reasons the market is going to go lower here, but in initial burst, no big deal. the market is relieved. david: i'm inclined to agree with you with zero interest rates forever is a problem, japan has showed us the past 20 years, they had zero growth rates to go along with it, that is a problem, however you cannot dismiss a 300-point rally day.
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>> 5% of the population controls 82% of the stock, who loves free money better than the big money? mr. cotter is by now. istill struggling along in the world. liz: every single stock moved higher except for boeing. i can barely disagree, a little off the top, could have gone the other way. down 292 points, but it didn't. market showed it is wearing grown up suits at this point because clearly it understood ben bernanke saying things have gotten better. 2.9 million jobs created, slight stabilization, the housing market is good, come on. >> they really did not do much here. if you look at it on a peer
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basis, they didn't do a lot. wt. as far as zero interest rates forever. it will not be zero interest rates forever. they will raise them when nobody expects it. in three months, four months, five months saying the fed will not raise rates. people will say here i knew this. david: may have been telegraphing everything. it is a new style that they telegraph things, now the telegraphing tapering, they are going to be tapering, it could go down to 6.5%, and there is no way they will raise interest rates, to me that's tells me it will be. todd, the fact is i don't sin interest rate raising for at least a year, do you? >> i think they're going to not
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raise interest rates. you will see the continuation of the bank taking a money with the full faith and credit of the u.s. bonds. which is why the market continues to go higher. i think it is exactly the japan model. have we not learned free money 0% is going to end up ugly as it always does, we have seen it, this goes back to the fed, have taken the dollar down 90% in value since the beginning. liz: you get another shot when the futures are taken. david: we will see later, thank you very much. liz: no blockbuster, but amc entertainment had a solid trading day on the new york stock exchange. the company ceo will make the case for why you, the investor cautioned on this stock in just a moment. david: the fed just committed itself to zero interest policy
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for as long as i can see at least, and has it takes a first step in steps away from bond buying. former chief economist was a leading critic weighing in on how much longer this money printing can last. liz: speaking of the fed, what grade would you give ben bernanke as he heads off into the sunset after his term in the federal reserve. log onto facebook.com/afterthebell. take into account what you really think of the economy. we will read the answers later this hour. [ male aouncer ] what ia small company
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pop in the drum of any machine... ♪ ...to wash any size load. it dissolves in any temperature, even cold. tideod pop in. stand out. liz: we have more breaking news on a story that broke in the last hour. the portfolio manager who was convicted in just the last hour on all five counts. he of course portfolio manager at sac capital. charlie gasparino had reported a week ago, now he is absolutely hearing from his sources indeed perhaps the government might use the prospect of, a long prison sentence, 20 years for the fraud charges and another five for the conspiracy charge. the government will be a prospect of the long prison
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sentence will force michael steinberg to cooperate against founder steve cohen. they want the big fish, they want steve cohen in prison. of course they can't get him at this point, they're hoping that the prospect of some 25 years total in prison would be enough to force michael steinberg to cooperate for lesser sentence. david: it is a very strange situation where you indict a company, not the founder who ran the company. steve cohen had so many barriers between him and information legally obtained he feels he is innocent. so far he is innocent. but that is perhaps the plan of the prosecutors as they look at that company for further action. the s&p futures just closed the ad how does it shape up for tomorrow, dan? >> it is shaping up pretty decent.
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we have gone a few points higher, but as far as the market goes, a big rally. i would not be surprised to see profit-taking. liz: you just never know. david: they had no clue. liz: thank you. david: they are good friends, by the way. liz: oracle reporting earnings and moment ago. nicole: margins came in at 37%. some of the numbers were little bit late. the operating margins slightly below forecasts. 37%, was our revenue from services, revenue from new software licenses and subscription revenue. the earnings per share came in at $0.69, beating the estimate of $0.67 so that is some good news. in the after-hours trading up slightly. see where it is right now.
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pulling back a little bit, it is moving around because it was up a short time ago. shares were up in extended trading because we were watching that. but it has pulled back. this is one to watch as we have a busy day tomorrow. liz: stocks went to the moon searching at the federal reserve announced the start tapering the aggressive bond buying program by $10 billion. now 75 billion. this will begin in january and it's takes the heat off of jared yellen. david: joining us at the federal reserve chief economist and senior vice president. i would say the biggest challenge remains how do you pull back. 10 billion is a lot of money but they still buying 75 billion per month. still adding to that almost $4 trillion portfolio they have.
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how do they get rid of that? >> that is exactly right. this is not quantitative tightening, this is 78th of the easily have had the added this no way we should have the market reacts to this any way other than a positive way because still by $900 billion worth of government securities and mortgage-backed securities per year. the annual purchases larger than the entire money supply base when ben bernanke took office in 2006. it is still a massive injection of liquidity into the system. the market expected more than that. the real challenge comes when bernanke, toby janet yellen, has directly tighten and remove the liquidity from the system. that is when interest rates will start to go up and when the market will react. we know does not like the rates, but the rates did not go up today.
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liz: when will they? what timetable deceiver tightening? 2016? >> the yield curve has gotten fairly steep. 0-3%. about 3.9% of the very longest and. you can infer from that what the expected future short-term rate are and from what i can tell by looking at that from the term structure of interest rate the market expected about 200 basis point increase, two percentage increase over the next two to three years. that would be a dissipation of inflation because eventually all this money the fed has put out there will be inflationary. david: the yield on the 10-yeaa is at 2.8, you are looking at the 30-year yield at 3.9, right? i just wanted to correct the board. >> thank you.
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as you look at the long-term implications of this, the market is predicting short-term rates to go up in about two years, over two years. in reflection of bubbly rising inflation expectations are rising inflation risk. rational people know with all this mooey in the system eventually turns into higher prices if not extracted and taken out. to do that the fed has engaged in the opposite open market sale, text me as much as quantity of using so far. david: by the way, that won't happen, inflation won't happen until the money starts to move in the economy. correct me if i'm wrong, something like 80% of all the money that has been created, of all that $4 trillion created the past couple of years is still in reserves, correct? >> exactly. still sitting in banks. david: that creates a dilemma for banks, it costs them money
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to keep your money on deposit. banking as we know it is kind of losing its focus. >> right. the purpose of banking was a small business lending. there are four things causing banks not to lend today. they still seem to fall risk as high. it is too expensive for the banks to loan. you need a loan $10 million to make a profit from it. people don't want to loan today, he went to eight until tomorrow so w we're in a liquidity trap, but also the banks don't lend small. from small banks to big banks is the evolution of credit lending. liz: what you suspect the next table look like? >> i was underwhelmed by the table today. it is probably 10 billion again. tapering down very slowly.
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david: former chief economist for the dallas federal reserve, wonderful to see you, great perspectives, thank you very much. oracle reporting earnings just moments ago the stock losing its initial momentum. bellwether lagging down 2%. larry ellison, can he turn it around in 2014??% liz: amc entertainment has a winning day after the debut. the ceo telling us what he thinks you should own his stock over the two big competitors who actually have had a great couple of years. he also has something to say about the skyhigh prices for bottled water they sell in theaters. i said i am hiding my own water, why not. david: good for you, it is a racket. [ male annocer ] e new new york is open.
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david: tech bellwether oracle reporting earnings after the bell. it beat wall street estimates but net income declined 1.1% in the second quarter. and as a result the stock is falling after an initial pop higher. let's dig deeper into oracle's earnings with steve koenig, wedbush securities senior equity analyst. steve, does it surprise you it is falling 1% now? >> i, not really. i described the report as an okay report but against some pretty muted expectations and you know the outperformance here wasn't rally evident in the all-important language, the licenses and cloud subscriptions. that was pretty flattish, pretty much in line with expectations. so just an okay report against expectations that were pretty low. liz: well, who is giving them a run for their money? is it sales force? is it ibm getting in cloud?
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sap, the german software giant or sandisk which is going cloud? i just wonder, the pie is getting sliced up. it is harder to grab some of the apples in it. >> yes, you know they do have competition in all three of their business areas whether it's database or hardware or applications. you know and classically, traditionally the competition has been sap and ibm and microsoft in database but, you know, we're seeing some changes in the market and i'd say those do remain the biggest competitors by far but where the destruction is occurring is absolutely in in cloud applications with new competitors coming in such as workday. in hardware oracle has had a pretty tough run with the acquisition of sun over the last several years, you know, in the hopes they can turn the corner on that this quarter seemed a bit better than expectations but still hardware was down a bit. david: there is another factor here, steve, that sort of
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relates what happened to the fed today which is while wall street loves what the fed did there is a question of overall growth. everybody wants to get stronger. if you don't have strong economic growth, you don't have companies spending money on corporate i.t. is that affecting them? >> yeah, absolutely, david. i think, oracle's performance is always a function of oracle's execution, of, you know, kind of oracle's market position and trends in the marketplace and also since oracle is such a bellwether it is a such a huge battleship. macro conditions are very important and i.t. demand conditions. i think part -- we've seen on oracle, over the last year or more is very much, you know, a substantial part of that is due to i.t. demand conditions. you know, which remain sluggish and i think buyers remain cautious. we've seen some evidence of improvement in the second half of the calendar year, especially in some much our mid-cap names,
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but you know, overall i would say buyers are still pretty cautious. david: right. oracle, cisco, ibm, are suffering from an economy that is not growing strong as it should. steve koenig, wedbush securities. great to talk to you. thanks for coming in. appreciate it. >> thank you. liz: it was a different kind of premier for amc entertainment. the company making its stock debut ending the day higher after the ipo was launched. it is the last ipo of 2013. why now though? just a couple weeks before christmas, the company decides after hemming and haw being to finally take the plunge, go public. we're talking to amc entertainment ceo, gerry lopez, yes, david he will challenge and take off on the water bottle issue. david: with a 5% pop they took off today. what effect will the fed's decision have, if any, on retail sales and a lackluster holiday shopping season? coming up we'll talk to
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they're running and they're trading but it was like a hollywood movie premier, sitting on the floor of the new york stock exchange for amc entertainment's ipo today. traders kicked back enjoying movie popcorn and big comfy seats, the new technology. i need to go to a theater that has those, david. that is cozy. david: oh. oh. liz: amc is the second largest theater company in the united states. there is regal and cinemark. it was taken private back in two now four. it was brought by a chinese group last year. -- 2004. we spoke to the ceo and president on the big day. why it was time to go public and what it was like to sigh the stock right out of the gate start trading. >> it was incredibly exciting. we've been in the private hand for better part of eight years. have tried to come public a couple other times. had been thinking about it back and forth. to be on the floor of the new york stock exchange, ringing the bell and doing thh price discovery process, to see that first trade go through, to see
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it go through at a price higher than we thought about last night was incredibly rewarding. a lot of people worked really hard to get us here. i'm just one of the 18,000 associates at amc. the hundreds of people in our banking firms and our law firms that have gotten us here and for all of us it was really a very rewarding special moment that we will cherish for a long time. liz: i'm glad you brought up there were other opportunities or at least moments where you thought about going public. why was now, gerry, the right time, right before the holiday season, right before christmas where people might have their mind on other things? >> to come public, certainly in our business you need to, a you need a couple of things to be working in your favor. you need a stable equity market and clearly we've had that this year. the stock market is doing great. you need the industry to be performing at its peak. clearly 12 was a great year for the movies. 2013, as we stand here another 10 days or so toward the end of
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the year looks to be perhaps even better. you need the company to be delivering on the promise and performing at its peak and we have been clearly performing better than we had in years prior. not only because of the movies but because of some strategies we put in place are gaining traction. people are reacting in veey positive ways to what we're doing. when you have all three of those factors, markets are doing great. industry is doing good and the company is performing, we were in a race to do it before christmas and we got lucky. last ipo of the year and here we are. liz: last ipo of the year but you were preceded by some very successful ipos, like i'm thinking of container store which skyrocketed on the first day. you twice priced at low end between 18 and $20 a share. you jumped in the early hours about 9%. what are you hoping for? what is the es imagine es eggs spy at a time the other two biggies in this market, cinemark and regal have a better revenue
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stream? make your case to the audience watching fox business right now that you're the stock is the one they need to own. >> we chose to do a different strategy than our competitors. for years the focus is quantity, number of screens, number of buildings, more seats and more is better, so on. we three years ago settled on a different path. our perspective more is not necessarily better. in fact what matters is the experience, quality of the experience. a little-known fact in our business is that tremendous number of people come to the theater and don't buy any food and beverage. in fact in our buildings 70 million people a year of the 200 that come don't buy. 70 million is the attendance at major league baseball. liz: that is opportunity, gerry, a bottle of water is $8. there is an amc buy us. i always make sure i bring a bottle of waters for my kids. i'm one of those issues. the pricing issue is certainly interesting. you managed to wrap your arms around that. at a time when 80% of the shares
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will be owned by your previous owner and china's wanda group. >> right. liz: how have the chinese, i guess opened your eyes to a different way of business? what have you learned from them in these past couple years when they have run the company? >> when the chinese did when they bought the company 14 months or 15 months ago allowed us to accelerate our deployment strategies. what they bought into an idea we had. we had developed and we tested and begun implementing. their ownership being so long-term focused gave as you chance to move with ideas forward and faster than otherwise we would have been able to move. >> i look at releases coming out "anchorman 2", ron burgundy the buzz is so loud. it is not even a buzz. a loud sleek and almost a siren that movie may do extraordinarily well. "the wolf of wall street", the three-hour behemoth. you have to be thrilled with the quality of movies and bus around them. 2010 i was covering consumer
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electronics show and people they were showing 3 degigantic tvs and they said nobody would go to movies anymore. >> the one that said the reports of my death have wrongly reported. liz: mark twain. >> mr. mark twain. in fact we're still here. movie going is part of the american fabric. that is true for a long time. we don't see that changing in the years ahead. i will look into the price of water for you liz. that is little high. thank you for the chance. liz: that's right. it is like $6 for a water, right? you walk out of there, right arm is gone. unbelievable. look into that for us, gerry. the stock really did do well at the beginning up 9%. as you saw it, david closed about up 5%. david: 5% is still not bad. liz: not bad. when you contrast it to other ipos like twitter or as i said the container store, just a little bit -- david: understood. great interview. the fed worked retail sales
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data in its taper today but are retail sales being hurt or helped by fed policy? founder of overstock.cock come -- overstock.com, patrick byrne, has quite a bit to say on fed policy joining us in a first on fox business interview next
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wiggle your toes. [ driver ] and it got his okay on treatment from miles away. it even pulled strin with the stoplights. my ambulance talks with smoke alarms an pils and adiums. but, of course, 's a good listener too. [ female announcer ] today cisco is connecting the inteet of everything. so everything works like never before. david: today's federal reserve decision coming just a week before christmas and wall street is certainly celebrating but will main street? how are retail sales affected, if at all by what the fed does? is ben bernanke a friend or foe of retailers? who better to ask than a retailer who was schooled by one of ben bernanke's heroes by the way, the late great milton friedman. first on fox business interview, we're pleased to have back with us in person in new york this time, patrick m. byrne, overstock.com chairman, ceo and founder and really renaissance man. patrick, good to see you.
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the fed -- >> the fed. david: is it having any influence at all on retail sales do you think? >> of course the easy money policy is, a way to prop up retail sales, a way to prop up the pockets of the rich. them saying they will taper in january is like you and i saying we're going on a diet in january. i don't think they can taper. if they do taper we'll slip back into recession. i don't believe anything they say. david: we're seeing retail sales up .7% in november. it sounds like it is fair to say you think the fed's influence on the economy has been pretty negligible? >> i think it as an influence, wholly pernicious. david: how? >> because they are enabling, they're enabling our federal government to run enormous deficits and buying the ious because no one in the world will buy ious of treasury anymore. so the whole treasury market is being propped up by the federal reserve. so that has kept the economy afloat. they may say they will taper, i don't believe it.
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if they taper we'll slip back in recession which i don't believe at all in the recovery. david: we're growing at anemic rates. even ben bernanke admits that. >> if you believe their staff. david: he claims we would be even worse off were it not for what he was doing? you disagree. >> i disagree. i think the whole system, i think the whole business model is broken. the united states has a broken business model. and we're profligate. we've become, spending our way into a third world country and federal reserveeenabled it. historians will look back and see this as a huge tragic -- david: by the way something else broken is healthcare.gov. again even the president admits that it was a terrible rollout. he brought in yesterday to his office, a bunch of silicon valley folks to ask their advice. is obamacare fixable? >> oh, no, it isn't, the problem isn't just the website. the basic design of the program is, is wrong.
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david: what is most flawed about obamacare? >> well the whole point is so that you can't keep your doctor and you can't keep your health plan. the whole point, basically two-ways to ration a scarce good, either through price or time. a traffic jam is a way of rationing the scarce good of pavement through time rather than through price. they, the price system wasn't working well enough to contain, to contain prices and so what they're going to do they're going to do what other countries -- they will make people wait. that is what happened in britain, what happened in canada will happen here. david: let's talk about prices at overstock.com. one extraordinary thing. look at amazon prices. we know their profit margin is negligible if not negative because of the fact they're willing to do anything to grow their market share. how do you then undercut amazon prices by 10%? >> we don't have the enormous bureaucracy system we're profitable. we're, last year we made more money than amazon. david: is it true by the way, 10%, your average retail price
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is 10% less than amazon? >> average retail price less than 10% than amazon. @e have better customer service. i don't know why anyone shops there anymore. we have a million products cheaper than amazon. they have enormous overhead to pay for. we have done everything skinany, lean so we can pass savings on to the consumer. david: extraordinary thing they say their model is the one that is going to work but you have provided an example of how you can actually sell things cheaper with less people working for you and clearly now wall street has paid attention. does it encourage you that wall street thinks so highly of your stock now? >> well it is always nice to be admired but we don't do anything to satisfy wall street. we don't pay any attention. we focus on old-fashioned business principles, containing expenses, giving great service and just the gods get happy. -@david: patrick, you look fantastic. by the way, you're a cancer survivor. you're doing extremely well. you're also by the way former
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boxer, black belt in karate, philosophy phd everything else her relate is good though. >> it is much sound and fury signifying nothing. my health is good. david: we're glad to hear that. wonderful to see you in new york. >> david, good to see you. liz: warren buffett put him in charge of one of his businesses. amazing great job. >> thank you, liz. liz: back in the day, right. the senate is votings on the bipartisan son budget bill that is clearing the house? will the president have a the bill before year-end? we're tracking every vote live from washington. we'll take you there next. [ bagpes and drums playing over ] [ music ansitions to rock ] make it happen with the all-new fidelity active trader pro. it's one more innovative reason
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david: a live shot, i believe we can put up by the senate voting right now on the final passage of that two-year budget deal. there it is. it is meant to avoid another government shutdown. we'll see if it passes. liz: rich edson very closely tracking votes in washington. there are awe kinds of rumors floating around. what is really happening? >> sure. there are enough votes for it to pass. remember senators can change their votes. it is not official until the end. we expect it to pass. in earlier procedural vote, 67 senators voted for compromise here. it only needs 51. white house says the president will sign it and congress knows how much money it has to spend
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over next two years of the budget deal clears the way for washington's next fiscal fight. that's right, the debt ceiling. treasury department says congress has around till march to raise the debt ceiling limit. like the last fight, the white house says the president obama is playing hard ball. >> the president's position is unchanged. he will not negotiate over congress' responsibility to pay @he bills that congress has racked up. >> meanwhile republicans say democrats should negotiate. budget committee chairman paul ryan says republicans will soon meet to figure out their debt ceiling demands. senate minority leader mitch mcconnell says he doubts congress would just give president obama an increase in the debt ceiling with no other back to you. david: rich edson inside the beltway. rich, thank you very much. liz: paper or plastic? that of course is what shoppers in one country will soon be asked when paying for goods. paying for goods. we've got the details when we go "off the desk." david: we asked you on facebook,
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what grade would you give ben bernanke in his eight years as head of the fed? we'll read some of your comments coming next. ♪ ya know, with new fedex one rate
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try align. it's the number one ge recommended probiotic that helps maintain digestive balance. ♪ stay in the groove with align. david: well for the first time in three years we have a budget. the united states senate haa a budget. actually hasn't been signed by the president but the president announced he will sign it. the senate has approved by a vote of 64-36 the budget that was approved of in conference
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between house, house finance leader paul ryan and pat murray from the democrats in the senate. now the full senate agreed to it. all that remains is for the president to sign it. when that happens we're going to be a country with a budget, folks, again the first time in several years. and that is thought to be a good thing. maybe that had an influence on market booming today. liz: how about that? that is quite amazing. whipped cream and cherry with 292 point gain for the dow. take it "off the desk." the bank of england announcing that it will switch to plastic currency, seen as cleaner an much more durable than paper. this will happen in 2016. the plastic currency features a see-through window and features that make it hard to counterfeit. the switch could save the bank more than $160 million just a decade. i like that. david: will it melt? hot day, you have to be worried about these things. we asked you on twitter and
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facebook what grade would you give ben bernanke? he has been head of the fed for eight years. jim wrote in to say, the fed has done 10 times more than congress has done about the economic downturn, i give ben bernanke a b-plus. liz: massuod told us he is giving ben bernanke 10 out of 10 from saving the global economy from a second great depression. david: greg on facebook told us that he is giving bernanke an f for failure. the impact of his actions will be seen during yellen's term. liz: we'll see. time will play out, won't it. time for the number three three things to watch tomorrow. economists are expecting a reading for the 10 for the regional index up from last month's reading of 6.5. david: number two will be november existing home sales set to be released at 10:00 a.m. as well. economists are expecting sales to drop 1.5%. liz: the number one thing to watch tomorrow, initial jobless claims. economist are expecting claims to drop by 34,000 to 334,000.
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you could argue the market -- david: i think so. these are one of those days you want to go, whew, what a day. liz: "money" with melissa francis is next. melissa: a new hit on health care. your personal habits could cost you a lot of money. new rules under obamacare could mean financial penalties on your life-style. we've got everything you need to know, because even when they say it's not, it is always about money. melissa: so just in case you aren't feeling the wrath of the health care hell yet, a new report that obamacare could cost you big bucks just for eating junk food, not exercising. fox news' jim angle has the details. >> an officer with the national union of health care workers said today that under
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